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Pidilite IndustriesThe owner of adhesive brand Fevicol has bought the entire 10 storey commercial Tower Opus Prime In the Santa Cruz Special Economic Zone (SEEPZ) Mumbai‘s Andheri Suburb through a long term lease of five years.
The company has entered into an agreement with the owner of the property beclin clothes for the same and will pay monthly rent of Rs 1.80 crore, taking its total payment over the total tenure of the lease including increase in rent to Rs 119 crore.
The agreement includes a clause to increase the rent by 5% at the end of every 12 months. The company has already paid a security deposit of Rs 10.80 crore to the owner of the property. As part of the agreement, Beeclean Fabrics is not allowed to terminate the lease until its term expires, while Pidilite There will be a lock-in period of 36 months.
The lease will be effective from January 1, 2023 to December 31, 2027, the date of commencement of rent, showed documents accessed through CRE Matrix, a real estate data analytics firm. The transaction was recorded on 2 September.
“We regularly look for office space requirements to suit our business needs and have leased an additional office space near our corporate office in Andheri,” Pidilite Industries Said in reply to an email to ET’s query.
The email to Beclean Fabrics remained unanswered until it went to press.
As part of the lease agreement, the Specialty Chemicals company, which deals in construction chemicals and sealants, will get exclusive access to a total of 128 car parking slots, including 118 in the parking tower.
Project Opus Prime is built on two plots handed over by the Maharashtra Industrial Development Corporation (MIDC) to Bombay Knitting, now known as Beeclean Fabrics, through a 95-year lease commencing in 1974 and 1977. The property owner has obtained the occupancy certificate of the building from MIDC in December 2021.
As per the agreement, the subletting and sub-licensing charges for the said premises of MIDC shall be borne by the property owner, Beeclean Fabrics.
Offices in suburban locations or secondary business districts have been in greater demand than central business districts in India’s major markets.
Mumbai’s Secondary Business District (SBD) including Andheri East-West, Vile Parle and Jogeshwari is a preferred destination among those looking for a larger space in the information technology, IT-enabled services (IT/ITES), pharmaceuticals, logistics and FMCG sectors. – There’s a market. At a lower rental value than Bandra-Kurla Complex (BKC).
The sub-market benefits from its proximity to international and domestic airports and easy movement between the western and eastern parts of the city.
According to experts, the trend that started with the shift from Nariman Point to BKC in Mumbai in the last few years is now seeing the corporates also looking at suburbs like Andheri and Vikhroli as a prime office location and this has started reflecting now. . Rent controlled by these micro-markets.
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